JIULI Hi-tech(002318) 新浪财经·2025-03-26 04:32Core Viewpoint - Jiu Li Special Materials reported a revenue of 10.918 billion yuan for 2024, representing a year-on-year increase of 27.42%, with a net profit attributable to shareholders of 1.49 billion yuan, which is in line with previous expectations [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 3.775 billion yuan, up 56.36% year-on-year and 63.23% quarter-on-quarter, with a net profit of 445 million yuan, reflecting a year-on-year increase of 17.01% and a quarter-on-quarter increase of 11.12% [1] - The sales volume for welded pipes, seamless pipes, and composite pipes in 2024 was 63.7 thousand tons, 61.2 thousand tons, and 28.7 thousand tons respectively, with composite pipes showing a significant increase of 247.24% year-on-year [2] - The overall gross margin for 2024 was 27.63%, an increase of 1.45 percentage points year-on-year, while Q4 gross margin was 28.96%, showing a quarter-on-quarter decrease of 2.19 percentage points [2] Group 2: Investment and Dividends - The company plans to distribute a dividend ratio of over 60% for 2024, with a proposed dividend ratio of 61.74%, the highest since 2019 [2] - The overseas investment project EBK contributed a net profit of 220 million yuan in 2024, while the joint venture alloy company achieved a net profit of 109 million yuan [2] - The company intends to reduce its stake in Yongxing Materials by up to 15.83 million shares, accounting for 3% of the total shares, to optimize its asset structure and focus on core business R&D [3] Group 3: Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 are adjusted to 1.77 yuan, 1.91 yuan, and 2.07 yuan respectively, reflecting an increase from previous estimates [4] - The target price is set at 27.44 yuan, based on a price-to-earnings (PE) ratio of 15.5 times for 2025, considering the successful release of overseas project performance and the potential for increased high-end product sales [4]